However, post-rally, the SHIB price appears indecisive in its next steps. While the past 24 hours initially saw an uptick, the momentum has since subsided, resulting in a 0.37% loss.
A seemingly concurrent narrative for SHIB, with wider movements reading much the same. Despite the election serving as a catalyst, SHIB has only slightly surpassed its position from last Thursday, now up by 1.29%.
While the initial surge in attention has waned, with trading volume down 31.89% to $770 million today, there is still optimism. The recent spotlight on SHIB could bolster the pressure building towards an impending breakout.
Shib Burn Rate Soars 3,679% – Will SHIB Price Follow?
While a 24-hour 3,679% surge in SHIB burn rate is certainly impressive, it falls short of SHIB’s historical peaks, a surprise given the tailwinds Trump’s presidency has brought.
Despite what is often considered a harbinger of bullish momentum for Shiba Inu, this performance suggests that SHIB might be overshadowed in the current memecoin landscape. However, technical indicators tell a different story: SHIB isn’t ready to break out just yet.
SHIB / USDT 1D chart, golden cross approach. Source: Binance.
Most notably, Shiba Inu continues to progress through the current ascending triangle pattern as expected, approaching a golden cross. While a breakout attempt was met with rejection at $0.00001910, it now finds itself in a strengthened position.
This is supported by the MACD on the daily, which has affirmed its break above the signal line today after some hesitance, a move that typically precedes massive upticks in the SHIB price if maintained.
Meanwhile, the Relative Strength Index (RSI) finds itself on good footing at 58 after a stint in bearish territory. Stability appears to have returned amidst mounting buying pressure.
Upon a breakout, the SHIB price may advance to face the past resistance at $0.00002170. However, the groundwork has already been laid for a much more substantial breakout coming off a multi-month bullish descending wedge pattern breakout.
SHIB / USDT 1W chart, descending wedge breakout. Source: Binance.
Particularly as the weekly chart’s MACD and RSI seem to lead an advance on that seen from the daily, a much higher conservative target around $0.000031 seems likely.
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The post Shiba Inu Burn Rate Soars 3,674% in 24 Hours – Is a Massive Rally Next? appeared first on Cryptonews.
